The Danish challenger Lunar Bank has raised €210m in Series D funding and managed to reach unicorn status.
The round was led by Heartland, with Tencent, Kinnevik and Peter Mühlmann, founder of Trustpilot, also participating.
This raise of funds comes after Lunar’s rapid acceleration in growth from both private and business customers. The challenger bank now serves more than 325,000 customers across the Nordics.
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Lunar offers a wide range of financial services, including insurance, savings, budgets, loans, and investments via a mobile application. It provides free accounts and a subscription-based service called Lunar Premium.
Lunar Group acquired the Swedish loan and savings platform Lendify to strengthen the private loan business.
Lendify’s loan book was worth about €300 million, this brought Lunar 40,000 active savings and loan customers.
“We are at a true crossroads in the Nordics,” said Ken Villum Klausen, founder and CEO of Lunar.
“Both private and business customers expect a more convenient, empathic and engaging alternative to traditional banks, lenders and payment service providers.”
“We are beyond excited to welcome investors with such valuable experience to join our next stage of growth. It’s a massive step for both Lunar and Nordic banking customers. The investment underpins Lunar’s long-term vision of building a digital-first financial ecosystem for both private consumers and businesses.”
The Aarhus-based challenger bank, previously called Lunar Way, was founded in 2015 by Ken Villum Klausen.
Since then it has grown into a Scandinavia-wide company with offices in Copenhagen, Stockholm and Oslo and more than 300 employees. Its Series C funding round in October 2020 raised €40m.